ICI: Money Fund Assets Surge
ICI's latest "Money Market Fund Assets" report shows a huge jump in the latest week, the 4th increase in the past 5 weeks. ICI's weekly series shows Retail MMFs added $9.7 billion, while Institutional MMFs leapt by $24.2 billion. Total Government MMF assets, including Treasury funds, stood at $2.339 trillion (75.1% of all money funds), while Total Prime MMFs reached $634.0 billion (20.4%). Tax Exempt MMFs totaled $139.9 billion, or 4.5%. They write, "Total money market fund assets increased by $33.90 billion to $3.11 trillion for the week ended Wednesday, March 6, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $25.23 billion, prime funds increased by $7.05 billion, and tax-exempt money market funds increased by $1.62 billion." ICI states, "Assets of retail money market funds increased by $9.68 billion to $1.20 trillion. Among retail funds, government money market fund assets increased by $3.94 billion to $695.75 billion, prime money market fund assets increased by $4.38 billion to $378.05 billion, and tax-exempt fund assets increased by $1.37 billion to $130.38 billion." Retail assets account for over a third of total assets, or 38.7%, and Government Retail assets make up 57.8% of all Retail MMFs. The ICI release concludes, "Assets of institutional money market funds increased by $24.21 billion to $1.91 trillion. Among institutional funds, government money market fund assets increased by $21.29 billion to $1.64 trillion, prime money market fund assets increased by $2.67 billion to $255.93 billion, and tax-exempt fund assets increased by $252 million to $9.55 billion." Institutional assets accounted for 61.3% of all MMF assets, with Government Institutional assets making up 86.0% of all Institutional MMF totals.
